XML 14 R4.htm IDEA: XBRL DOCUMENT v3.22.2
Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
INTEREST INCOME        
Interest-bearing deposits $ 152 $ 33 $ 248 $ 57
FHLB stock 50 53 83 116
Securities:        
Taxable 1,115 253 1,768 546
Tax-exempt 10 9 16 18
Total securities 1,125 262 1,784 564
Loans:        
SBA loans 926 776 1,849 1,559
SBA PPP loans 492 1,748 1,269 3,477
Commercial loans 12,414 10,734 23,910 21,210
Residential mortgage loans 4,982 4,906 9,372 10,034
Consumer loans 919 682 1,840 1,538
Residential construction loans 2,011 1,486 3,835 2,701
Total loans 21,744 20,332 42,075 40,519
Total interest income 23,071 20,680 44,190 41,256
INTEREST EXPENSE        
Interest-bearing demand deposits 198 307 362 616
Savings deposits 412 419 757 851
Time deposits 419 1,171 899 2,634
Borrowed funds and subordinated debentures 285 334 511 688
Total interest expense 1,314 2,231 2,529 4,789
Net interest income 21,757 18,449 41,661 36,467
Provision for loan losses 1,188   1,009 500
Net interest income after provision for loan losses 20,569 18,449 40,652 35,967
NONINTEREST INCOME        
Gain on sale of SBA loans held for sale, net   496 852 741
Gain on sale of mortgage loans, net 431 1,066 952 2,817
BOLI income 161 133 324 261
Net security (losses) gains (498) 23 (1,055) 333
Other income 1,686 399 2,088 772
Total noninterest income 2,749 2,895 4,989 6,621
NONINTEREST EXPENSE        
Compensation and benefits 6,811 6,333 13,319 12,396
Processing and communications 706 750 1,458 1,557
Occupancy 727 631 1,502 1,337
Furniture and equipment 618 659 1,194 1,308
Other loan (income) expenses, net (5) 165 839 720
Professional services 392 339 565 671
Advertising, Net 340 403 130 308
Deposit insurance 250 225 519 439
Director fees 225 204 459 412
Loan collection expenses 36 54 93 5
Other expenses 610 697 1,044 1,110
Total noninterest expense 10,710 10,460 21,122 20,263
Income before provision for income taxes 12,608 10,884 24,519 22,325
Provision for income taxes 3,157 2,466 5,960 5,411
Net income $ 9,451 $ 8,418 $ 18,559 $ 16,914
Net income per common share - Basic $ 0.90 $ 0.81 $ 1.77 $ 1.62
Net income per common share - Diluted $ 0.88 $ 0.80 $ 1.74 $ 1.60
Weighted average common shares outstanding - Basic 10,504 10,427 10,475 10,432
Weighted average common shares outstanding - Diluted 10,706 10,569 10,685 10,567
Branch fee income        
NONINTEREST INCOME        
Noninterest income $ 281 $ 269 $ 556 $ 564
Service and loan fee income        
NONINTEREST INCOME        
Noninterest income $ 688 $ 509 $ 1,272 $ 1,133